Small Business – Your Opportunity

Over the years, it seems as though small business opportunity have increased. With downsizing, cut backs, and basic decreases in the number of personnel in large business, having a small business is the way to go. But how do you start a small business and what kind of business do you form? Understanding what is needed for you to start and exploring the options you have will greatly help you in seeking the perfect small business opportunity for you.

There are a great number of small business opportunities in our market today. People desire the least expensive business and the fastest way to get a job done.

To begin, address your talents and your goals. Second, look at the market in your area. Is there a need for your small business opportunity? Is the market saturated with too many of those types of businesses or not enough? Do you need a business license? What are the tax requirements for this business? Perform all the needed research so that you understand what you will be required to do to start, maintain, and grow this small business opportunity.

After all the logistic start up functions have been researched and fully understood, next comes expenses and budgeting. This step too will require some additional research. Look at what your expenses will be. Will you work from home? Do you need an office building? What are the costs going to be? What equipment do you need? Will you require additional employees? Who will handle bookkeeping, invoices, payments and the like?

After you have determined these answers, you will need to research budgeting. How much will you charge clients? What are the payment options? What hours of the day and what days of the week will you operate? Is there a peak season of the year when business will boom more than other times of the year? All of these are important factors in budgeting for your small business opportunity.

When your expenses and budget have been designed you can begin your advertising and marketing approaches. Again, this may require some research, design, and expense planning. What types of advertising will you use? What about marketing your small business opportunity?

Growing your small business opportunity is simple, research, research, and research! Not a great researcher? There is another way to go, let someone else do the research for you. All you have to do is look into the franchising opportunities on the internet. Send for information on any small business idea you have and you will find a wealth of information available for the asking. Franchises offer a name brand which has proven itself over the long haul. Franchising helps with the Advertising and Marketing of your business from the start. In fact, franchising helps with all of the above questions and often has answers to questions you would never think of.

The Advantages and Pitfalls of Self Employment

Thousands make the plunge only a few can swim.

Every day, thousands of people across the United States decide to make the plunge into self-employment. There are as many reasons why people become convinced that going into business is right for them as there are occupations. Even though the failure rate is extremely high, self-employment continues to be sought after as an American dream.

The following is some reasons why you might be prompted to start your own business as well as some pitfalls to consider.

You Have Come Up With A Super Business Idea

Sometimes what seems like a good business idea to you may not be so sound when put into practice. Unless you have a revolutionary new invention or a new product or service, or an original idea or solution that deals with an everyday problem you probably will be repeating what thousands have done before you. Something to consider doing:

  • Filling a gap in the market that big business can’t or won’t concentrate on
  • Stay within a field of business you are already familiar with
  • Follow a passion by turning an interest or hobby into a business

No matter what your great idea is, you need to be sure that it is not only a viable business venture but it is something you will also be comfortable with.

Before doing anything be honest and ask yourself these Questions

  • Why would anyone want to do business with me?
  • Do I have enough relevant experience and expertise?
  • Is there a need for my product or service?
  • How will I reach out or market to my customer base?
  • Are there others in the same business and who will be my main competitors?
  • What sets my product or service apart from similar offerings?
  • Do I have or can I get enough funding?

Remember, what can go wrong probably will?

The tried and tested business

Some self-employed people choose to stay within tried and proven businesses such as buying a turn-key package an established business or licensing rights to a franchise – which may be higher cost at first but carry fewer risks than developing your own idea.

Advantages

  • More attractive for investors.
  • A market for the product or service has a track record.
  • A proven business plan and marketing plan is in place.
  • Training and consulting are provided.
  • Problems have already been discovered and ironed out.
  • Financial support is included in some franchises.

Disadvantages

  • Some businesses for sale may be because they are experiencing difficulties. Look into the background of the business and make sure you fully understand the reasons for selling. You don’t want to purchase a white elephant that will need more investment than it’s worth. You also don’t want to have to overcome a negative management reputation.
  • Buying the rights to a franchise or a license to sell a particular product or service not only ties you to the product or service but may be expensive also. With a franchise, there is a franchise conduct that depicts a particular way to run the business that you have to stick with.

A business opportunity

Sometimes the opportunity of owning your own business comes with or without warning. You may be offered the opportunity to buy out your employer, or take over a family business.

Opportunities like these may require lots of personal commitment and you may need to put your own money on the line. Just because you are familiar with the business, you still need to carefully examine the business to make sure it is worth becoming involved in.

Advantages

  • All aspects of the business including a marketing plan should already be active.
  • An established customers base , reliable revenue, an established name to capitalize and build on, and a list of useful contacts.
  • You probably already know a lot about the product or service and have a good understanding of the business.

Disadvantages

  • You may be taking on a failing business. Ask if there are any problems with the business, and if so, how can you best solve them?
  • Stepping into your employer’s shoes does not mean you automatically retain his/her support services. Remember, you are the responsible party. It’s up to you to provide everything such as accounting, staff management, suppliers, business location and payroll.

This has only been a sampling of business ideas and their possibilities. Stay focused, be diligent and most of all proceed with caution.

Happy Trails

A Secret Weapon For Growing Your Small Business

Big business has known for a long time that employees who take time out of their day for exercise, who are actively seeking a healthier lifestyle are more productive and do a better job at work. As a self-employed entrepreneur what makes you think you are different than the employees at IBM or Johnson & Johnson when it comes to your health? If the CEO’s of those corporations give their employees time off to exercise and to attend classes on wellness, don’t you think there is a payoff to the business? Why on earth would they foot the bill for services such as these if they weren’t of benefit to the company?

Don’t you think you could reap the same benefits in your company if you took some time for exercise, took some time to eat right and learn about how to incorporate health into your life? What would it look like if you were feeling fit, clear headed and in a good mood more often, how would feeling this way affect what you do in your business? Do you think you would work smarter, not harder? Don’t you think your head would be clearer, sharpening your decision-making skills?

What about your medical insurance? What effect would a healthier life have on those hefty premiums you pay out each month? At the very least you would have fewer sick days or days when you just do not feel up to giving your business your best effort.

See where I am going with this? As small business owners we have unique issues when it comes to our diets. Yes, I too am a home based solo-preneur so I know how difficult it can become to run a business and have a healthy lifestyle, however a little time investment, even when you think you don’t have the time, can actually free up more time in your business because of the increased efficiency with which you will be able to work.

And then there is the issue for most of us with home offices, food is in such close proximity to us and nobody knows if we make only one trip to the fridge each day or we make 20. We tend to fill up on whatever is available, and unless we make a conscious effort to buy nutritious foods and keep our freezers and pantries stocked with them, we’ll feed ourselves with whatever is on hand, usually reaching for things that taste good but maybe aren’t the best choice for our health.

Come on now, fess up…at least to yourself, no need to tell any one else. Haven’t you run to the chips and dip when you have a big, pressure filled deadline coming up? Or maybe when you are working to get an article written, you are under a deadline but you have a bad case of writer’s block. Don’t you usually think that a bag of M&M’s and a big bowl of ice cream will get those creative juices flowing again? Relax you so you can think to write?

Let me suggest to you that the same things could be accomplished in a different way, with more positive consequences. Instead of reaching for that Ben & Jerry’s, what if you took a walk around the block and got some fresh air in your lungs. Just enjoying the outdoors, getting your mind off of your work problems has wonderful restorative powers. The problem is, most of us small business owners are over-achievers with a tendency to work and work and then work more. Taking time out for ourselves seems selfish, because we are taking our efforts away from our businesses, when in actuality its just the opposite.

Take time for yourself and your health and watch the health of your business improve, too.